Bitcoin RSI ‘Oversold’ First Time in Four Years

The Relative Strength Index (RSI), a long-term price indicator that is used by traders is currently reporting ‘oversold’ conditions, at 29.80 a level that was last seen in January 2015. This indication is a sign that the Bitcoin (BTC) market has undergone heavy selling, and that the downward pressure may be easing.

Traders expect the BTC price to defend the $3200 level in the short term, and a strong corrective bounce is generally expected at this indication, even though markets can remain oversold for extended periods of time.